What are the impacts of AI on property restoration? Here’s what leaders in the restoration space should know about leveraging the potential of AI.
What are the impacts of AI on the property restoration industry?
The use of artificial intelligence (AI) has been transformative for many industries. This has perhaps been most notable in healthcare and finance, where AI has helped boost efficiency by automating redundant tasks and helping manage complex documentation. In other industries, though, AI is just coming online. And for the property restoration business, that means the impacts of AI are just beginning to be felt.
But just what are the impacts of AI on the restoration industry? What should businesses know about AI and the ways it can be used to their advantage? Here’s a quick look at the primary ways that AI is impacting the restoration space, and how leaders can take advantage of these trends to better serve their clients and stay ahead of the competition.
3 ways to benefit from the Impacts of AI on the property restoration industry
Why has AI been slow to take hold in the restoration space? Perhaps because it’s a tough, no-nonsense business, where leaders are often reluctant to embrace what seems like another buzzword. And there’s no doubt that the term AI is overused and misused among the media, business community and even the general American public.
Yet that doesn’t diminish the potential of the technology that fuels AI development. True, some of the benefits that other industries have seen from AI may not strictly apply to property restoration. Yet what we’re seeing today is an exciting indicator of how the targeted use of this technology can address some very specific problems facing the industry.
#1: Faster, more accurate claims processing (and faster payments)
New forms of instant data capture like guided field inspections are transforming the way the restoration industry works. Adding elements of smart automation to these processes takes their potential even further, integrating them into an exciting new ecosystem of digital claims management.
Applying smart automaton to basic administrative processes means dramatically boosting accuracy and quality across settlement workflows, adjusters, and loss types. It can also eliminate bottlenecks and redundancies, speeding up processing and payments. And AI-powered tools can also help ensure that automation is targeted, helping leaders apply it in a way that best serves their specific operational priorities.
Streamlining the collection of claims information and applying AI methodology to manage it can also save time and improve accuracy by standardizing the scope-to-estimate process and automating insurance guideline adherence. Perhaps best of all, it means speeding up the process in a way that’s likely to result in businesses getting paid faster.
#2: Performance management and continuous improvement
With its power to automate redundant tasks and more easily organize data on a large scale, AI is driving major improvements in business intelligence (BI). By analyzing every aspect of an operation on a targeted, detailed basis, for example, AI can pinpoint an organization’s weak links, which can then be addressed to eliminate waste and improve efficiency, almost instantly.
Over time, this continuous monitoring and course-correcting will also enable long-term operational improvements. It will empower leaders to maximize high-value touchpoints, as well as boost loss adjustment efficiency and operational resiliency for a better potential to overcome new, as-yet-unforeseen challenges. And the advanced reporting that’s tied into AI means the entire leadership team can be made aware of all these changes and improvements, as they happen.
#3: Sales and customer relationship optimization
The impacts of AI also extend very advantageously to sales and marketing efforts. By integrating smart automation into sales and customer relationship management (CRM) services that are specific to the restoration space, AI can enable more productive relationships with the partners who matter most to any given business. It can also help ensure that the right message is being delivered to the right prospect at the time that’s likeliest to find them receptive to it.
As the property restoration industry continues to contract and smaller markets become more competitive, the ability to manage relationships in a way that best suits an organization’s specific financial or growth goals could be a major component to long-term success. And with the help of AI-adjacent technology, that goal is within reach.
Ready to harness the positive impacts of AI?
The suite of industry solutions available from CoreLogic is designed to help organizations in the restoration space better leverage the impacts of AI to their own operational benefit. Whether you’re a contractor, carrier, or other partner, Next Gear Solutions from CoreLogic can help you leverage today’s most relevant technology to directly benefit your bottom line.